Blockchain will cause a massive shift in society from a “scarcity to an abundance mindset”. This is according to Joseph Lubin, the co-founder of Ethereum.
Lubin’s Blockchain Impact Theory
Lubin feels that Ethereum is most probably going to play an important role in the redevelopment of the internet as a completely decentralised environment.
In his view, the sustained growth of blockchain will serve as a catalyst for further innovation at every level of society by developing a structure for what he says is a “self-determined, sovereign identity.”
He also explained that the evolution of blockchain and increased decentralisation would create future where people would have more control over their identity and agency. This will result in wealth creation as individuals try to express themselves more via a plethora of methods including an enhanced appetite for luxury.
Ethereum Scaling Will Take Time But Will Result in ‘Radical Future’
Lubin said that Ethereum will have a key role to play in the development of the so-called Web 3.0 – a new internet experience that will use decentralisation as a key tenet. He further said:
“Ethereum is far in the lead as a viable candidate for web 3.0 largely because of its interoperable and radically decentralized nature. It may be a few years before our ecosystem achieves profound interoperability and decentralization in the base and higher layers. But that is okay. We can grow into the radical future we imagine as we take care of adoption, use case exploration, user interface, and user experience definition – all of which will keep us busy for years.”
He feels that there is a stark difference between wealth generation as it happens today and in a tokenised world which can be expanded on as a “qualitative shift in the nature of money” moving society away from a centralised model toward a system of “global villages.”
Lubin is optimistic about Ethereum’s growth and this is backed up by that fact that big power players have backed the blockchain to lead disruption on a large scale. It was recently reported that JP Morgan Chase announced a plan to utilise Quorum, its business version of the Ethereum blockchain aimed at tokenising gold bars. Umar Farooq, JP Morgan’s head of blockchain initiatives, praised Quorum and said that JP Morgan is “big believers in Ethereum,” which is a significant shift from the words used by JP Morgan CEO, Jamie Dimon when talking about Bitcoin.